By James B. Kelleher, Reuters
Capital One Financial Corp. said on Wednesday that the losses it experienced last quarter as a result of a new U.S. bankruptcy law will spill into the fourth quarter because of a surge in last-minute filings by consumers taking advantage of the expiring law’s more lenient provisions.
In a U.S. Securities and Exchange Commission filing, the McLean, Virginia-based company, a leading issuer of credit cards, said it expected its so-called “charge-off rate” to rise somewhere between half a percentage point and a full percentage point in the fourth quarter to 5 percent of total receivables. That would be up from 4.14 percent in the third quarter, 4.10 percent in the second quarter and 4.05 percent in the third quarter of 2004.
For this complete story, please visit Capital One Says New Bankruptcy Law will Swell Q4 Charge-offs.
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